Home Buying in Middletown>Question Details

aunttiey, Home Buyer in Middletown, RI

can you buy a house with bad credit?

Asked by aunttiey, Middletown, RI Wed Mar 27, 2013

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3
Tony Grech’s answer
Can you buy a house? Yes. You can pay all cash or try to find a seller willing to do a land contract.

Can you get a mortgage? Probably not. Lenders primarily look at 3 things in approving you for a mortgage - Income, credit, and down payment.

You need to have sufficient and stable income to afford the payment. Your credit scores reflect your willingness to make payments, which is important to lenders. And the down payment forces you to have some skin in the game.

You don't need to have perfect credit, but bad credit will almost certainly mean a denial.

Your best bet is to focus on establishing good credit and saving some money before deciding to purchase a home. Owning a home is a privilege not a right, and lenders want to enforce the belief of "sustained homeownership" meaning setting you up for success in owning a home.

Best of luck!
1 vote Thank Flag Link Wed Mar 27, 2013
sure just don't expect a good rate
0 votes Thank Flag Link Wed Mar 27, 2013
Hi Aunttiey,

A bank looks for atleast a score of 620 and even then it may be tough. Best bet would be to find a rent to own but be very careful with that type of deal and get advice from a professional.

Ultimately take the steps to fix your credit so down the line you will be all set.
0 votes Thank Flag Link Wed Mar 27, 2013
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